Tax Credits and 1098-T

Federal Tax Credits and Benefits for Higher Education

The Taxpayer Relief Act of 1997 included several benefits to aid students and/or their parents in meeting the cost of higher education. Included in these benefits are the American Opportunity Credit, Hope Credit, the Lifetime Learning Credit, and Student Loan Interest Deduction. To learn more about these Federal tax benefits and credits, please visit the following IRS web sites:

Attention: The Hope Credit has been modified for tax years 2009 and 2010 by the American Recovery and Reinvestment Act of 2009.

Creighton University is unable to provide tax advice to students or parents. It is the taxpayer's responsibility to determine and document the information used in their tax return. For tax assistance, please refer to www.irs.gov or consult your qualified tax professional.

1098-T

The IRS Form 1098-T is issued to all students who attended an eligible educational institution and who paid qualified tuition and fees for the calendar year they are in attendance. The information on Form 1098-T is used to determine if you are eligible to claim an education credit on your Federal Income Tax Return for the applicable tax year. This form is to be used by the taxpayer or their tax advisor to compute any eligible tax credit.

When will the 1098-T become available?

Creighton University is required to provide the student and/or parent with the 1098-T information for the applicable tax year by January 31st of each calendar year. The 1098-T for the qualified educational expenses can be viewed and printed through the student self service NEST web site. *Students who graduate or leave Creighton University can access their 1098-T tax information on their NEST web site for up to 1 year after they leave the University.

NOTE: Students who are having difficulty accessing their NEST website may need to reset their password. Students can reset their password themselves by clicking on the "HELP" link in the top right hand corner of the NEST student/faculty login page. You may also call the Creighton Help Desk at (402) 280-1111 option 2 for assistance.

How does Creighton University report a student's qualified expenses on the 1098-T?

The IRS allows educational institutions to choose to report amounts billed or payments received for the qualified tuition and related expenses. Creighton University reports the amounts billed. The amount billed will appear in Box 2. The associated detail for the amount found in Box 2 is also provided. Since Creighton University does not report payments received, Box 1 will be blank.